Ceramic Matrix Composites Market Worth $23.3 Billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 15, 2019 /PRNewswire/ –According to the new market research report “Ceramic Matrix Composites Market by Matrix Type (Oxide/Oxide, C/SiC, C/C, SiC/SiC), End-Use Industry (Aerospace & Defense, Automotive, Energy & Power, Industrial), Region (North America, Europe, APAC, Middle East & Africa,) – Global Forecast to 2029″, published by MarketsandMarkets™, the Ceramic Matrix Composites Market size is expected to grow from USD 9.4 billion in 2019 to USD 23.3 billion by 2029, at a CAGR of 9.5% during the forecast period. The market is witnessing significant growth because of the growing demand from various end-use industries such as aerospace & defense, automotive, and industrial. Ceramic matrix composites have properties such as high strength at elevated temperature, corrosion resistance, durability, mechanical strength, and high-temperature stability.
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Aerospace & defense industry accounted for the largest share, in terms of value, of the overall ceramic matrix composites market in 2019.
The aerospace & defense end-use industry demands ceramic matrix composites in various aero-engine components, missile components, and space structures, among others. These composites are mainly used for their superior properties such as high damage tolerance, fracture toughness, wear & corrosion resistance at high temperature. The lightweight and high-temperature resisting properties of ceramic matrix composites help manufacturers in increasing the overall efficiency of aircraft by reducing fuel consumption and in lowering emissions.
C/SiC ceramic matrix composite is the fastest-growing segment in the overall market.
Ceramic matrix composites are available in four matrix types, namely, C/C, C/SiC, oxide/oxide, and SiC/SiC. C/SiC matrix composites are expected to register the highest CAGR during the forecast period as these composites are used in various applications such as disk brakes, leap engine components, nose cap of thermal protection system, and rocket launch vehicle (RLV) propulsion applications, among others.
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North America is expected to be the largest market for ceramic matrix composites during the forecast period.
North America is one of the leading ceramic matrix composites markets. The growing demand from end-use industries such as aerospace & defense, automotive, and energy & power is driving the ceramic matrix composites market in the region. The region has a presence of major ceramic matrix composites manufacturers who focus on the adoption of various business strategies to increase the production of ceramic matrix composites and meet the growing demand from end users. For instance, General Electric Company invested USD 105 million for establishing two new facilities for manufacturing ceramic matrix composites in North Carolina.
Some of the prominent players in the Ceramic Matrix Composites Market are General Electric Company, Rolls-Royce, SGL Carbon, United Technologies, COI Ceramics, Lancer Systems, CoorsTek, Applied Thin Films, Ultramet, and CFC Carbon. The strategies undertaken by these players include partnerships, new product developments, and expansions.
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